DiaMedica Therapeutics Completes Non-Brokered Private Placement
19 December 2017 - 11:41AM
DiaMedica Therapeutics Inc. (the “
Company”)
(TSX-V:DMA) (OTCQB:DMCAF) announced today the closing of its
previously announced non-brokered private placement raising total
gross proceeds of approximately CAD$1.2 million (approximately
USD$950,000) (the "
private placement"). The
proceeds will be used by the Company to support development with
DM199 for the treatment of stroke and for other working capital
purposes.
In connection with the private placement, the
company issued 3,624,408 Units. Each Unit consists of one common
share and one-half of one common share purchase warrant, with each
whole warrant entitling the holder thereof to acquire one
additional common share at an exercise price of USD$0.35
(approximately CAD$0.45) per share until 5:00 p.m. (Central Time)
on the date that is: (i) twenty-four months after the date of
issuance, or (ii) if on any date (the “Accelerated
Exercised Date”) (a) the volume-weighted average closing
trading price of the common shares on any recognized Canadian stock
exchange equals or exceeds USD$0.60 for a period of 21 consecutive
trading days, then, at the Company’s sole discretion and upon the
Company sending the holder written notice of such Accelerated
Exercise Date (the “Notice”) and issuing a news
release announcing such Accelerated Exercise Date (the
“News Release”), the day that is 21 days following
the later of: (i) the date on which such Notice is sent to the
holder; and (ii) the date on which the News Release is issued. All
of the Units issued in connection with the private placement will
be subject to a restricted period that expires four months after
the issuance date. Cash finder's fees of $1,809 were paid on a
portion of the financing.
About DM199
DM199 is a recombinant (synthetic) human tissue
kallikrein (“KLK1”) protein to treat neurological and chronic
kidney diseases. KLK1 is a naturally occurring enzyme with a
pivotal role in the kallikrein-kinin system (KKS) that regulates
blood pressure and local blood flow which has important role for
the treatment of diseases including acute ischemic stroke and
chronic kidney disease. DiaMedica has completed five clinical
trials with DM199, including single ascending and multiple
ascending doses, studies in diabetic patients, and a Phase 1b
pharmacokinetic study to confirm dosing strategies. In addition to
the current REMEDY TRIAL the drug has a good safety and
tolerability profile, DM199 showed the anticipated activity,
lowering blood pressure and kidney function, over the course of
treatment in multiple clinical studies.
About DiaMedica Therapeutics
Inc.
DiaMedica Therapeutics is a clinical stage
biopharmaceutical company focused on developing novel treatments
for neurological and kidney diseases. DiaMedica’s shares are listed
on the TSX Venture Exchange under the trading symbol “DMA” and on
the OTCQB under the trading symbol “DMCAF”. For more information,
please visit www.diamedica.com. Follow us on
social media – Twitter,
LinkedIn.
For further information, please
contact:Paul Papi Vice President of Business Development
DiaMedica Therapeutics Inc. Two Carlson Parkway, Suite 260
Minneapolis, MN Phone: (617) 899-5941 info@diamedica.com
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FORWARD-LOOKING STATEMENTS
The statements made in this press release that
are not historical facts contain forward-looking information that
involves risk and uncertainties. All statements, other than
statements of historical facts, which address DiaMedica's
expectations, should be considered forward-looking statements. Such
statements are based on management's exercise of business judgment
as well as assumptions made by and information currently available
to management. When used in this document, the words “may”, “will”,
“anticipate”, “believe”, “estimate”, “expect”, “intend” and words
of similar import, are intended to identify any forward-looking
statements. You should not place undue reliance on these
forward-looking statements. Forward looking statements in this news
release include, but are not limited to, the Company's objectives,
goals, future plans and statements regarding the use of proceeds
from the private placement. Factors that could cause actual results
to differ materially from such forward-looking information
described in detail in the DiaMedica's filings with the Canadian
securities regulators, all of which are available on SEDAR
(www.sedar.com). Should one or more of these risks
or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results could differ materially from those
anticipated in these forward-looking statements. DiaMedica
undertakes no obligation, and does not intend, to update, revise or
otherwise publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date
hereof, or to reflect the occurrence of any unanticipated events,
unless required by law. Although management believes that
expectations are based on reasonable assumptions, no assurance can
be given that these expectations will materialize.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of the contents of this press release.
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